CPSI and TruBridge Collaborate with IBM to Deliver Predictive Analytics at the Point of Patient Care
MOBILE, Ala. (November 17, 2014) – CPSI (NASDAQ: CPSI), a leading provider of health information systems and services, and its wholly owned subsidiary, TruBridge, today announced that they are leveraging IBM technology to develop and deliver predictive analytics to rural and community hospitals.
As part of the collaboration, the companies will focus on an initial ten hospital case study examining readmission risk. Using IBM’s SPSS Modeler, data aggregated from the participating hospitals will be analyzed to provide predictive analysis of readmission risk factors associated with a patient population. By identifying patients with a higher probability for readmission, caregivers can proactively address risk factors associated with those patients thereby reducing the likelihood of a subsequent readmission.
“The readmission risk analysis project is an important proof of concept, but only a first step,” said Boyd Douglas, President and Chief Executive Officer of CPSI. “Our collaboration with IBM gives us the tools necessary to leverage big data aggregated and curated from across our client base. The opportunities to manage population health and ultimately improve patient outcomes based on the use of predictive analytics are enormous.”
Predictive analytics can also be applied to other areas of hospital operations such as revenue cycle management to identify opportunities and develop best practices.
“White County Medical Center is excited to be participating in CPSI’s initial big data project,” said Stuart Hill, Chief Financial Officer of White County Medical Center, a 245 bed facility in Searcy, AR. “We believe our ability to successfully manage all aspects of population health will be of vital importance in the near future. Not only will we be able to utilize predictive data from CPSI in this effort, but we will also draw on TruBridge’s Consulting Services expertise in helping us identify risks as well as opportunities.”
“We are very pleased our healthcare IT partner is making this investment in predictive analytics and pursuing big data technologies” said Shawn Kammerud, Chief Information Officer of Osceola Medical Center, a 25 bed critical access hospital in Osceola, WI. “This venture will provide us with a great opportunity to use our data in concert with that of other hospitals to generate better quality and more actionable information than we could depending solely on our own data. We see the use of predictive analytics as a strategic necessity for our hospital going forward.”
“We understand that providing quality care in today’s world of cost containment and diminishing reimbursements is a huge challenge for all hospitals.” said Douglas. “However we also believe rural and community hospitals are disproportionately affected by these factors. We are confident our ability to deliver predictive analytics drawn from big data that is specific to rural and community hospitals can provide them tools that will have a positive impact on ensuring the long term sustainability of rural and community healthcare.”
“Big data and analytics are transforming industries and professions,” said Alistair Rennie, General Manager, Business Analytics, IBM. “We’re pleased to be working with CPSI to apply predictive analytics to help community hospitals identify and address the many operational and financial opportunities to improve healthcare.”
CPSI is a leading provider of healthcare information solutions for community hospitals with over 650 client hospitals in 45 states and the District of Columbia. Founded in 1979, the Company is a single-source vendor providing comprehensive software and hardware products, complemented by complete installation services and extensive support. Its fully integrated, enterprise-wide system automates clinical and financial data management in each of the primary functional areas of a hospital. CPSI’s staff of over 1,400 technical, healthcare, medical and business professionals provides system implementation and continuing support services as part of a comprehensive program designed to respond to clients’ information needs in a constantly changing healthcare environment. For more information, visit www.cpsi.com.
About TruBridge, LLC
TruBridge has its roots in CPSI, a leading provider of electronic medical record (EMR) systems. Today, it is a separate company focused exclusively on providing business office, consulting and managed IT services. TruBridge brings 30 years of expertise in delivering effective solutions created for the unique challenges faced by rural and community healthcare organizations. For more information, visit www.trubridge.com.
Any statements contained in this press release which are not historical facts are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, forward-looking statements include all statements other than those made solely with respect to historical fact, including statements with respect to CPSI’s expectations relating to its collaboration with IBM. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. While it is impossible to identify all such factors, factors which could cause actual results or events to differ materially from those anticipated include, but are not limited to, the effectiveness of CPSI’s strategy of successfully leveraging IBM technology to develop and deliver predictive analytics to rural and community hospitals; overall business and economic conditions affecting the healthcare industry; government regulation of the healthcare and health insurance industries; government regulation of our products and customers, including changes in healthcare policy affecting Medicare and Medicaid reimbursement rates and qualifying technological standards; the potential effects of the federal healthcare reform legislation enacted in 2010, and implementing regulations, on the businesses of our hospital customers; the funding uncertainties associated with and potential expenditures required by the American Recovery and Reinvestment Act of 2009 in connection with the adoption of electronic health records; saturation of our target market and hospital consolidations; changes in customer purchasing priorities, capital expenditures and demand for information technology systems; competition with companies that have greater financial, technical and marketing resources than we have; failure to develop new technology and products in response to market demands; fluctuations in quarterly financial performance due to, among other factors, timing of customer installations; failure of our products to function properly resulting in claims for medical losses; changes in accounting principles generally accepted in the United States; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; potential intellectual property claims against us; general economic conditions, including changes in the financial and credit markets that may affect the availability and cost of credit to us or our customers; interruptions in our power supply and/or telecommunications capabilities and other risk factors described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking information to reflect events or developments after the date of this press release.